Rate Studies

The current rate study is based on the financial plan prepared by Depósito Central de Valores S.A., Depósito de Valores, hereinafter DCV or the Company, in order to comply with the requirement of the Superintendence of Securities and Insurances, hereinafter SVS, through the issuance of the Regulation of General Type No 224 of August 25th, 2008.

The current study aims to deliver information to sustain and support the pay structure of the services inherent to activities of custody and transfer of securities.

For this study, the knowledge of the financial, operational and technological reality of the Company has been fundamental, that is why the main purpose has been to establish a logic of remunerations that ensures its financial and economic feasibility of it.

The structure of the study considers the development of components whose determination requires a high degree of theoretical and technical application, this is why the work of external consultants, experts in different areas such as, the rate determination of capital cost, projection of demand, projection of costs, and also, the independent opinion of experts about the integrity of the general logic of the rates study are included in the current study. This is how the demand projection was conducted by Riskamérica of DICTUC UC, and the determination of capital cost and analysis of costs by external consultants. Each one of these studies is presented as an attachment to the current study and in the relevant chapters excerpts are incorporated.

In the same way that we had the collaboration of experts there is also the development of components within the Company, being the most important the Equivalent Unit. This component corresponds to the basic unit of measurement of the operations of the Company through which the use resources in relation to each service is quantified. This Equivalent Unit is used in the current study as a mechanism of distribution, projection and, finally as determination of income of each service.

It should be noted that the current rate study considers the current operating services; not making projections of products in development, as well as it is also considered a structure of a stable market considering the current number of relevant players in the market, and without significant changes in the operating structure.

In the sections below, each one of the components of the rate study of DCV is developed in an independent form, to finally integrate them to the general model and thereby analyze the current rate structure of the company.